I don't know about that. I've been looking at the '83 box set a lot in the past few days. I don't see much of anything I would need to change to run it in 5e, as is. Some of the stat blocks would need to be updated, but I can do that on the fly, especially D&D beyond handy.
The lack of representation of certain species in the descriptions and random encounters doesn't bother me. I'm happy with dragonborn, tieflings, etc. being very rare. If I wanted to put in a bit of work, I would just chose an area to be a dragonborn kingdom and whip up some random tables.
Really, all WotC would need to do is create new sets of random tables, which isn't that heavy of a lift.